Barney Frank And Ron Paul Seek To Block UIGEA - 04-19-08

April 19 - It is hard to believe but there seems to be the odd occasion when Republicans and Democrats will agree, and this in the unlikely world of online gambling.

GOP presidential candidate Ron Paul and House Financial Services Panel Chairman Barney Frank have teamed up to oppose the UIGEA (Unlawful Internet Gambling Enforcement Act). This latest move has added even further momentum to Frank's attempts to legislate online gambling, and put s stop to UIGEA which attempts to block gambling transaction and force banks to enact the laws.

The legislation presented by Frank will would in essence block implementation of the anti-online gambling law and replace it with regulation.

Frank has steadily been gaining a lot of support for his proposed Bill, with various democrats already pledging their support. UIGEA attempts to ban financial transactions that could be related to gambling by blocking them in the financial system. The law specifically targets transactions involving offshore-based Internet gaming sites.

Frank and Paul are both known advocates of Internet freedom and their latest steps are aimed at eliminating what is seen by many as a burden on the US financial service industry with possible dire consequences for the banking system . A recent workgroup involving many industry stakeholders unanimously agreed on the impracticality of the UIGEA.

Frank's new legislation, co-sponsored by Paul, would put a stop to the implementation of the UIGEA by stopping federal officials from implementing it.

Reports from the banking industry yare that the banks unanimously welcome the initiative, called the Safe and Secure Internet Gambling Initiative (SSIGI).

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